After "Tying the Knot"

After "Tying the Knot"

After "Tying the Knot"

After "Tying the Knot" Insurance Needs for Newlyweds

Newlyweds need to re-evaluate their insurance coverage once they have "Tied the Knot". Households and finances get merged. One of you may move into the other's current home, or the newlywed couple may move into a new home together. Marriage means you will need to update your insurance to reflect your new marital status." Assessing and addressing your insurance needs early on will help you make the right choices when combining 2 single households into one married package. It can also save you a lot of money in the future and will help carry you over the threshold toward financial stability. Be sure if one of you is changing their name that it is reflected on your policy.

Health Insurance: If you or your spouse both have health coverage through one of your employers', compare coverage and costs to decide which is the best plan for you, so you don't pay duplicate coverage. If only one of you have a health insurance plan you might want to put it all under one plan, you may get better rates and coverage.

Auto insurance: Combining your auto policies into one household can often save you money, most companies offer discounts for insuring multiple vehicles on one policy. Rates for married drivers are usually lower than for single policyholders. Also, combining homeowners and auto policies can give you an added discount.

Homeowners or renters insurance: One of your most valuable assets is your home and its belongings. Be sure to take out a homeowners or renters policy to protect you in the event of fire or theft. For your new life together you have bought new furniture and have opened all of your expensive wedding gifts, they need to be protected. Be sure to inventory all of your belongings, go through the entire house together, since most couples have lived on their own before marriage. Take some pictures/videotape while you are taking an inventory. Write the brand, make, models, serial numbers, and dates of purchase on the back of the picture and store this information in a safe place

Engagement/Wedding Ring: You may want to add your expensive wedding ring to your policy because most homeowner's policies place a limit on jewelry coverage, this is called a rider or endorsement.

Life Insurance: Purchasing life insurance is important because you want your new family to be financially prepared if the unspeakable should happen the loss of either spouse. Though not a topic most newlyweds want to spend a lot of time thinking about, the chance of leaving behind a loved one is a risk that no married person should ignore. Would your surviving spouse be able to manage the mortgage or rent payments on one salary? How much debt do you currently have including credit card bills, student loans and car loans? If you don't already own a home, are you planning to purchase one soon? Are you planning to have children any time soon? These are just a few questions newlyweds need to answer. Also, if you already had a life insurance policy before you were married, be sure to change the beneficiary.

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